The Binance Blockchain Week Dubai 2024 conference hosted by the world's largest exchange Binance was grandly held from October 30 to 31 in Dubai. Binance has specially set the theme of this session as "Momentum", aiming to present how the crypto industry has accelerated growth and achieved important milestones amid challenges since the last Istanbul summit.
In the opening day activities of Binance Blockchain Week 2024, a fireside chat eagerly anticipated by global industry professionals will serve as the closing session of the day. He Yi, the co-founder of Binance, and Alice Liu of CoinMarketCap will engage in an in-depth dialogue to explore their visions for the future of Web3, with the theme "Driving Momentum: He Yi on Binance's Vision".
Striving to Achieve Two Types of Financial Freedom for Users
Alice Liu: Since the founding of Binance, I would like to ask a question about corporate culture. What are the core values and cultural elements that have never changed since Binance was established?
He Yi: Many people ask me how Binance has been successful. The main difference between Binance and other startups is that we have a unique culture. If you look at the most successful companies globally, they all have very special cultures. I believe culture is the only thing that can bind people together. Culture can be difficult to explain, but it helps us find those who share our aspirations in innovation, mission, and values.
I believe culture is the only thing that can bind some people together, if we just look at finance itself, first of all, I think we have a strong vision. We talk about financial freedom. Binance wants to build a simpler network for these people to easily achieve financial freedom.
Financial freedom has two meanings: one is financial independence without the need to work, and the other is to provide simpler and better financial freedom. At Binance, our users expect to get rich through trading and achieve financial freedom, and they also hope to get better service and user-friendly products.
We are not just limited to trading, but also have earnings, skills, academies, and payment functions. Some business units may not directly generate revenue, but they build a good infrastructure for our community.
We uphold a "user-centric" culture at Binance. There are still many entrepreneurs in the industry who are truly striving to improve the world, putting users first, meaning that we are truly building what users need, rather than just pushing so-called "shit coins". There are still many builders in the industry who are constantly working hard, and this really touches me.
Admitting that CZ's Departure was a Challenge
Alice Liu: Binance has faced many challenges in the past few years. Which challenges do you think have been the most important for Binance?
He Yi: For Binance, many people think the downturn phase last year was the most challenging moment. As a startup, when the founder steps down, it is a major challenge for the team. However, we have a good direction - we want to build this company into a mature organization, not just a startup.
Our goal is to form a strong team that collaborates and supports the company's growth. Startups often rely on the unique skills of the founder or co-founders, such as outstanding marketing or technical capabilities, to compete. But as the company matures, we need sound organizational policies and environments to ensure the company can continue to grow even without the founders.
We are working to achieve this, and fortunately, we are currently operating well and still leading the industry. There are two main challenges here: one is the internal organizational challenge, which we have already addressed to some extent; the other is the external environmental challenge.
Ten years ago, no one cared about cryptocurrencies or Bitcoin, but now the crypto industry is receiving more attention, and regulators are also closely watching this industry. I think this is a good thing, because at least we are starting to become a part of the traditional financial world.
However, different regulators have different understandings of our industry, so we are doing more cooperation with the traditional financial world. Although some crypto-native enthusiasts may ask me if I feel I am no longer part of the crypto community because our cooperation with regulators and traditional finance has increased.
I think if we really want to support more people around the world to use cryptocurrencies,
Dear respected Wall Street traders,
we should cooperate with traditional finance and understand each other.
We don't want to become an isolated business. We want to make the crypto world more widespread, so that users like my grandmother can use Web3 directly, just like using a mobile phone.
Alice Liu: Great, as you mentioned, this is about long-term vision and planning, and observing the long-term development of the industry. Congratulations, Binance currently has 233 million users, which is a great achievement. I want to know, as one of the leaders, what are your future plans?
He Yi: I think this can be divided into two parts. First, we want to continue to strengthen our internal organizational strength and build a strong structure. I've been talking about how to build a company that is solid enough to sustain growth.
Externally, our industry is at a special moment. We see many traditional and emerging technologies (such as 3D printing) are approaching life, and cryptocurrencies also have this potential to truly integrate into people's daily lives.
Our goal is not just to enter the industry and drive up prices, but to build a better future. We should work together to drive the development of the industry. Therefore, we are looking for innovative startups to bring practical use cases to the world, not just trading, so that the entire industry can be used.
Although there are many new startups in this field, this is normal. People often ask me if I still believe in cryptocurrencies. I believe, because I believe in certain things, that's why I take action. This is the power of a positive belief - if you have a positive outlook on the world, you will create a positive environment. Of course, just having a positive belief is not enough, you also need to give it your all. Failure is normal, but we should keep trying.If you have a positive outlook on the world, you will build a positive environment. Of course, just having a positive belief is not enough, you also need to give it your all. Failure is normal, but we should keep trying.
Next year will definitely be a good year
Alice Liu: Great, I have one more question. This year has been a very special year for us, with the emergence of ETFs and more regulations. What positive signals would you like to share with users?
He Yi: When we talk about regulations and ETFs, it means we have become a part of the financial world, which is a positive signal. Today, the price of Bitcoin is also rising.
I have been in this industry for over 10 years, and in every bear market, many people have told me that Bitcoin has failed again. But I have always believed that, just like a cycle, it will keep growing.
If you ask me, I am confident that next year will be a good year, which is good news for the industry and users. At the same time, we can see more and more real-world applications emerging. Unlike 10 years ago, cryptocurrencies are now helping people in many countries improve their lives. For example, more than 12.5% of users in a certain country use Binance every month, and they not only use it for trading, but also for payments, transfers, and even earning money.
This is not just about trading, but about changing the world and building business models. Stablecoins are a simple tool, but they have started to play a role, no longer just a dream. I hope everyone can understand that a better future is coming, and what we need to do is not to wait, but to seize the opportunities of the moment.
